PEXX Raises $4.5 Million to Expand Stablecoin-to-Fiat Payment Platform
Singaporean startup PEXX has raised $4.5 million in seed funding to expand its innovative stablecoin-to-fiat payment platform. The funding round was led by venture capital firm TNB Aura, with support from early-stage investor Antler and strategic investor EMO Capital.
Simplifying Cross-Border Transactions
PEXX’s platform simplifies the conversion of stablecoins, such as Tether (USDT) and Circle (USDC), into global bank accounts. This process bypasses intermediaries and traditional banking channels, providing a swift and efficient solution for individuals and businesses.
“We’re thrilled to have secured this significant funding,” said Marcus Lim, CEO and founder of PEXX. “The growth for stablecoins is exponential, and we expect to see demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years.”
Focusing on Southeast Asia
PEXX plans to use the funding to grow its engineering and product teams, strengthen marketing initiatives, and advance business development, with an initial emphasis on Southeast Asia. EMO Capital will leverage its Web3 expertise to enhance PEXX’s branding, marketing strategies, and strategic partnerships, facilitating user acquisition and overall business expansion.
“PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world,” said Angelina Tu, co-founder at EMO Capital. “This is what everyone in the Web3 world needs.”
Strong Regulatory Compliance
PEXX’s commitment to user trust is highlighted by its AUSTRAC registration obtained in May 2024. This registration authorizes PEXX to operate as a licensed digital currency exchange and remittance dealer, ensuring adherence to strict regulatory standards and robust security measures.
A User-Friendly Platform
PEXX’s platform allows users to convert stablecoins (USDT and USDC) into 16 fiat currencies, facilitating direct transfers to bank accounts. This simplifies the crypto-to-fiat conversion process, ensuring quicker transactions compared to traditional banking methods. PEXX has processed nearly $3 million in transactions and has attracted a diverse clientele, including Web3 firms, cryptocurrency exchanges, and media organizations.
